In one of his most personal and meaningful public interventions, Alpha Bank Cyprus CEO Miltos Michaelas spoke openly about the bank’s transformation, the strategic shift towards growth and the role Alpha Bank aspires to play in the new banking and insurance landscape of Cyprus.
The discussion took place as part of the fireside chat entitled 'Alpha Bank and the evolution of the Banking and Insurance sectors in Cyprus', at the 13th Banking, Payments and Fintech Forum and Expo, presented by Logicom.
As Michaelas mentioned, the period from 2023 onwards was a defining turning point for Alpha Bank. “It was the right time to transform and take the leap into the future,” he noted, explaining that when he took office, the bank was in the final stages of a demanding and painful restructuring process. The downsizing, the completion of the NPE clean-up and the difficult decisions of previous years had laid the foundation for a new beginning.
From "right sizing" to growth
In 2023, according to him, Alpha Bank reached the “right size” to see the future in terms of growth again. “It was a real pivot point,” he said. Since then, the bank’s progress has been impressive: market share increased from about 3% to 10%, boosted by the absorption of AstroBank’s banking operations.
At the same time, Alpha Bank and the group sent a clear message of confidence to the Cypriot economy, investing dynamically in the insurance sector, a move that – as he emphasized – could not be implemented without profound internal changes.
Reskilling, people and common purpose
A central element of the transformation has been investment in human resources. Mr. Michaelas publicly thanked the bank’s employees for their patience and adaptability over the past two and a half years, emphasizing that the bank “essentially had to relearn how to grow.”
"Today's banking has nothing to do with what it was 15 years ago," he said, emphasizing the importance of reskilling and upskilling, but also of attracting new executives who embraced the vision and smoothly joined a team with a common goal: growth.
Digital investments and strong governance
He also made particular reference to investments in digital transformation, knowledge and governance, risk and control systems. As he noted, governance and control frameworks are never a “finished project”, as targets and benchmarks are constantly changing. However, he expressed his certainty that Alpha Bank is very close to best practices, thanks to the culture of respect for rules and the proper functioning of internal mechanisms.
He also attributed an important role in this to the Board of Directors, emphasizing that for the first time he felt that there was the right combination of skills and people, noting that this dynamic substantially strengthened the strategic discussions within the group.
The challenger bank promise
In closing, Miltos Michaelas spoke about the next chapter of Alpha Bank Cyprus: its role as a challenger bank, with a clear mission to create real value for customers. With core values of empowerment, trust and continuous development, the bank – as he said – is ready to support the development of the Cypriot economy, building on the lessons of the past and investing confidently in the future.
The discussion was moderated by Chrysostomos Kritiotis, Managing Director of Logicom Solutions.
(Source: InBusinessNews)
